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State Name: New Jersey
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State Abbreviation: NJ
State Abbreviation Lower: nj

As capital market consultants, we spend a lot of time talking and thinking about servicing-what it is, how it is valued, and how it can be expected to behave. While a lot of people in the industry have an understanding of servicing and its related securities...

Last week, I wrote about specified pool trading and how originators need to take advantage of pay-up opportunities by selling their production into the specified pool market. A separate but related subject is the market for pools backed by loans issued...

While servicing valuations and the various adjusters are the most obvious factors impacting loan execution and pricing, the price spread between different coupons in the same product (i.e., coupon swaps) also play important factors. We'll take a brief...

In a few recent columns, we’ve talked about duration and convexity in the context of changing market prices. They are some of the most misunderstood and misused terms in finance, and clarifying them is probably worth a few column inches. I won’t...

Last week's head-fake selloff and subsequent rally have put MBS prices back in sight of their early-February (and all-time) highs. This in turn has forced investors to look for ways to improve their investment results and carry-adjusted returns. Research...

One of the more confusing MBS topics is the concept of "dollar rolls." While it seems esoteric, secondary markets people are implicitly considering the dollar roll market every time they make the judgment to sell one month's settlement over an earlier...

Previously we discussed the technical factor convexity . Another set of technical factors that impact secondary managers are in the dollar roll market that we discussed a few weeks ago. Dollar rolls (i.e., the price difference between the same security...

One of the themes discussed at the MBA’s recent conference in New York was the idea of “a merger” of the mortgage-backed securities issued by Fannie Mae and Freddie Mac. The FHFA itself now lists one of its goals to "build a single securitization...

The impressive rally in the bond markets has pushed the 10-year yield to all-time lows, and MBS prices to record high levels. Front-month prices of Fannie 3.5s closed on 6/1 at 105-10, the same day that 10-year yields closed for the first time below the...

A lot of analysis that gets written will refer to "technical factors" driving valuations. What this is referring to are situations where unique factors are impacting valuations. The classic business school example that comes to mind is the unique case...

​ My interest was recently piqued by a report in National Mortgage News entitled “Confidential Report: Jumbo Conduits Folding.” The report stated that “…’several’ conduits formed over the past year have been shuttered...

At current near-record levels of consumer mortgage rates, and with MBS prices grinding higher, a natural question is whether rates are poised to push downward to new lows. In turn, a critical issue is whether the market for 30-year conventional 3.0s has...

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 The latest hot issue in the mortgage markets has been the 10 basis point addition to G-fees mandated by the payroll tax cut passed late last year. Unfortunately, the media has only...

A topic of particular current interest is the state of the ARM market , particularly with respect to the factors that drive ARM lending rates. Despite the record-low levels of fixed mortgage rates , the mortgage “curve” remains fairly steep;...

The Treasury market has sold off over the last few sessions with a violence that brought the debacle of 1994 to mind for industry veterans. The yield on the 10-year has backed up by about 24 basis points since Monday’s close. What makes it feel...

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